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The Brihanmumbai Municipal Corporation (BMC) has started the process to auction around six acres of land belonging to the former Century Cotton Textile Mill in Worli, Mumbai, with a base price of INR 1,348 crore. The move follows a Supreme Court ruling earlier this year that confirmed BMC's ownership of the land after a prolonged legal dispute. The plot will be leased for 30 years with a renewal option, and development will have to follow the city's planning rules while addressing existing tenant occupancy.
The Brihanmumbai Municipal Corporation has initiated an auction for a prime six-acre parcel of land located in Worli, Mumbai, which was earlier part of the Century Cotton Textile Mill. The civic body has fixed a base price of INR 1,348 crore for leasing the land for a period of 30 years, with an option to extend the lease by another 30 years. Advertisement
This step comes after a Supreme Court ruling earlier this year that settled a long-standing ownership dispute in favour of the civic body. The land had been leased to Century Spinning and Manufacturing Company in 1927 at a nominal annual rent. Over the years, disagreements arose after the lease period ended, leading to litigation between the private entity and BMC. The apex court's decision overturned a previous High Court order and restored the land to municipal ownership, clearing the way for monetisation.
According to the auction conditions, the successful bidder will be required to pay 30% of the bid amount within one month of receiving the letter of acceptance. The remaining 70% must be paid in installments over the following two years. Interest will be charged if payments are delayed beyond the stipulated timeline, and failure to comply may result in cancellation of the allotment and forfeiture of the deposit.
Any development on the land will need to comply with the Development Control and Promotion Regulations (DCPR) 2034. These regulations define land use, built-up area norms, and other planning requirements applicable across Mumbai. The plot currently has more than 400 tenants, and their presence forms an important part of the redevelopment considerations linked to the site.
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